California, USA-based branded, value-based health system offering all-inclusive, expert care for spine, orthopaedics, and pain management, Commons Clinic raised USD 19.5 million in Series A financing. The round took place on October 9, 2023. RA Capital Management led the financing for the company. Existing investors such as Floating Point and Courtside Ventures joined in the funding. Meanwhile, new investor Time BioVentures also provided the investment. So far, the company’s total funding amounts to USD 33.5 million. It also includes investments from industry-pioneering angels such as Elliot Cohen (Co-Founder, Pillpack), Mike West (former CEO, Rothman Orthopedics), and founders from Cityblock Health, CityMD, PatientPing, Elemy and more.
In addition, the company announced the appointment of two more board members, Prithviraj Singha Roy of RA Capital Management and John Loser of Floating Point, who join Nick Aubin, co-founder and CEO, Paulo da Costa, co-founder and COO, and Bob Badal, co-founder of Strive Health.
What the company’s official has to add
Nick Aubin, co-founder and CEO, Commons Clinic, said, “With Commons Clinic, I believe there is a once-in-a-generation opportunity to foundationally change how speciality care is delivered, enabling us to win long-term consumer relationships, earn the power of top physicians’ loyalty, and capture the power of a rebuilt specialty care value chain. We’ve been fortunate enough to quickly gain traction, adding six of LA’s top surgeons to our group, opening three clinics, and securing a top five national health plan as our anchor value-based partner in our first two years of operations.”
He further added, “Hospitals continue to consolidate power, increase the cost of care, and drastically underperform against the expectations of today’s consumers. They remain the single biggest obstacle to realizing scaled improvement of our nation’s healthcare ecosystem. We believe in putting our community’s elite, speciality physicians in the driver’s seat, giving them the power and resources to compete with a more value-based, consumer-focused, and independent platform.”
What the investors have to comment
Mike Sherman, Venture Partner, RA Capital Management and former Chief Medical Officer of Harvard Pilgrim Health Care and Point32Health, said, “For over ten years, I’ve been developing and implementing advanced bundled payment models and driving adoption of outcome-based provider contracts; I believe Commons Clinic is the first company to do it right – end-to-end. I’m thrilled that through RA Capital Management’s investment, I’ll be able to support Nick, Paulo and the team as Chief Strategy Officer and evangelize Commons Clinic’s transformative approach with my healthcare industry peers.”
John Loser, Managing Director, Floating Point, further said, “We believe specialty care is the next frontier for innovative healthcare models. Companies like Commons Clinic that prioritize customer experience, cost reduction, and procedural efficacy are best positioned to win. The last few years have shown that differentiated provider groups—Oak Street, One Medical, Signify Health, just to name a few—can create massive, enduring value even in a challenging market. At Oscar Health, we saw first-hand the power of accessible, transparent brands to demystify the complex healthcare system for consumers. We’re eager to impart those learnings as we help Commons Clinic grow and serve more patients, bring incredible physicians into the fold, and rightfully take market share from legacy hospital systems.”
About Commons Clinic
Nick Aubin and Paulo da Costa launched Commons Clinic in 2021. The California-based company is a speciality health system offering all-inclusive, expert care. The platform converges value-based care, elite physicians, and a portfolio of state-of-the-art ambulatory facilities and surgical centres to offer an end-to-end service that delivers a phenomenal experience to patients.
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